That is 11,000 million more than in April and almost 54,000 million more than a year ago
The national debt has never been so high. Spain owed 1.456 billion euros in May, according to data published by the Bank of Spain on Tuesday. The figure breaks the record for the month of March, which admittedly fell slightly later in April, but has again reached its maximum with a growth of 11,000 million euros.
The figure is historic, tying the country at a time when interest rates are being raised by the European Central Bank (ECB), which will increase the cost of financing all that accumulated debt. The Tax Authorities (Airef) recently even warned that the national debt will cost the state 32,000 million euros more between now and 2025 as a result of the interest rate hike, raising the earlier forecast by 12,000 million.
Compared to a year ago, government debt has risen by 55,300 million, 3.8%, since May 2021, due to the need for government departments to take on an additional spending effort due to the impact of the coronavirus crisis and now the war in Ukraine .
In total, the debt balance of all government services stood at 1.456 billion euros in May. The State is still in the lead, with 1.276 billion euros, an increase of 5% in barely a year.
On the side of Social Security, the debt balance remains 99,000 million euros, which is 16.2% more than a year ago. The Bank of Spain explains that this large increase in the past year is due to the loans that the state has provided to the social security treasury to finance the imbalanced budget, which was further exacerbated by the covid-19 -crisis.
As for the territorial authorities, the debt of the autonomous communities grew to 314,000 million in May, while that of local companies amounted to 23,000 million euros this month, which is 1.5% more than the balance recorded in May 2021.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
